India’s Diamond Shipments Decline

RAPAPORT... India’s polished-diamond exports dropped 6% to $1.65 billion in January, reflecting a lower average price, even as volumes rose. Rough imports also fell, according to data from the country’s Gem & Jewellery Export Promotion Council.

India Trade Data for January 2020

Jan 2020

Year-on-year change

Polished exports

$1.65B

-6%

Polished imports

$160M

86%

Net polished exports

$1.49B

-10%

Rough imports

$763M

-11%

Rough exports

$74M

-27%

Net rough imports

$689M

-9%

Net diamond account

$800M

-12%

Polished exports: volume

2.3 million carats

3%

Average price of polished exports

$731/carat

-9%

Source: Gem & Jewellery Export Promotion Council; Rapaport archives

About the data: India, the world’s largest diamond-cutting center, is a net importer of rough and a net exporter of polished. As such, net polished exports — representing polished exports minus polished imports — will usually be a positive number. Net rough imports — calculated as rough imports minus rough exports — will also generally be in surplus. The net diamond account is total rough and polished exports minus total imports. It is India’s diamond trade balance, and shows the added value the nation creates by manufacturing rough into polished.